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Question - Misstep Company has great expertise in some areas, but counting is not one of them. Since Year 1, they have been miscounting ending inventory and applying FIFO incorrectly. Their new accountant has just discovered the errors. The recorded net income and uncorrected errors since Year 1, their first year in business, are:
Year
Net Income
Ending Inventory error Over/understated
Amount
1
$80,000
Overstated
$7,000
2
84,000
6,000
3
88,000
Understated
5,000
4
90,000
3,000
Required - Prepare a worksheet that shows the correct net income for each year. Indicate each numerical change and indicate if the amount is added or deducted. Part marks are based on each correct addition or subtraction. (Hint: Remember that an ending inventory error in one year represents a beginning inventory error the next year.)
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